Artificial Intelligence in The Healthcare Sector
Welcome to The Future of Healthcare!
Today, AI can diagnose diseases with incredible precision, predict how successful treatments will be, and even make sure patients get the care they need. In recent years, AI has become increasingly integrated into the healthcare system, transforming the way medical care is delivered. From diagnosis and treatment planning to administrative tasks and patient care, AI is streamlining healthcare processes and improving outcomes for both patients and healthcare professionals.?
AI-based techniques are widely used in four areas: patient tracking and monitoring, screening and diagnosis, prediction, and prognosis. According to the study published in MDPI Diagnostics in November 2022 , AI systems are beneficial for complex medical diagnoses that traditional statistical methods cannot manage.
Artificial Intelligence Uses in Healthcare Industry?
Machine learning models can analyze patient information, such as medical history, genetic makeup, and lifestyle factors, to predict risk factors for diseases such as diabetes, cardiovascular disease, and cancer. AI-based predictive analytics can measure the probability of a patient’s readmission to the hospital. Thus, reducing readmission risk and allowing for early intervention and better care management.
According to the Mordor Intelligence report, the AI healthcare market is expected to grow as more healthcare providers adopt big data in the region. In August 2022, CHOP and Penn Medicine announced the launch of the “Big Data for Kidney Care” Penn-Chop Kidney Innovation Center, which will fund research to improve adult and pediatric kidney care.?
?2. Drug Discovery and Development:
AI accelerates the drug discovery and development process by analyzing big data on biomedical. This includes identifying potential drug candidates, optimizing drug design, and predicting drug-target interactions. This can lead to the development of new drugs, repurposing existing drugs for new indications, and reducing the time and cost involved in bringing new treatments to market.
In June 2023- Stanford Medicine and Stanford Institute for Human-Centered Artificial Intelligence (HAI) launched Responsible AI for Safe and Equitable Health (RAISE-Health), intending to address critical ethical and safety issues regarding technology and drug development.
3. Healthcare Research and Data Analysis:
AI enables researchers to analyze large-scale healthcare datasets, including electronic health records, clinical trial data, and genomic information. By uncovering hidden patterns and relationships within these datasets, AI can accelerate medical research, identify risk factors, and contribute to evidence-based decision-making. Adding AI to imaging devices may lead to better diagnosis, which will help the imaging devices market grow over the next few years.
In April 2023, OM1 rolled out its new artificial intelligence driven platform to provide personalized information on diagnosis, treatment, risk, use, and clinical trials. Strategic actions of market players like IBM and Oracle corporation are expected to help the AI healthcare market grow. In June 2022, Insilico Medicine opened the world's first fully automated, AI-powered robotics lab dedicated to drug research .?
These AI applications in healthcare are rapidly evolving, leading to improved patient outcomes, reduced costs, and enhanced overall healthcare services.
4. Enhancing Patient Engagement and Experience?
In recent years, the healthcare industry has shifted its focus from treating patients to improving their overall experience and engagement. This has led to an increased focus on using technology, especially artificial intelligence (AI) to improve patient engagement.
Digital assistants can be incorporated into various communication channels, including websites or mobile apps, to provide patients with immediate access to health information, appointments, reminders, and personalized health recommendations. This not only improves convenience for patients but also reduces the workload of healthcare staff by automating routine tasks.
Another significant impact of AI is seen in patient lifting and movement. Looking ahead, AI could play an even more substantial role in patient care such as providing real-time monitoring of vital signs. This also includes preemptively identifying potential risks before they manifest.
Upcoming Advancements in the Healthcare Sector?
Artificial Intelligence (AI) has emerged as a game-changer in automating and streamlining administrative processes in the healthcare industry. It offers an efficient solution to tackle the burdensome aspects of managing patient data and appointments, allowing healthcare providers to focus on delivering quality care.?
2. Chat Bots:
According to Mordor Intelligence, the Global Chatbot Market size is expected to grow from USD 5.64 billion in 2023 to USD 16.74 billion by 2028, at a CAGR of 24.32% during the forecast period (2023-2028).
The market for healthcare chatbots is expected to grow significantly in the coming years, driven by several factors such as the increasing adoption of mobile devices, the growing demand for virtual healthcare services, and the need to reduce healthcare costs. Additionally, the COVID-19 pandemic has accelerated the adoption of telemedicine and virtual healthcare services, further fueling the growth of the healthcare chatbot market.?
3. Remote Monitoring:
According to the National Library of Medicine Artificial intelligence (AI) enables remote patient monitoring (RPM) which reduces costs by triaging patients to optimize hospitalization and avoid complications. The FDA regulates AI in medical devices and aims to ensure patient safety, effectiveness, and transparent AI solutions.?
As a result, a total of 47 RPM devices were reviewed, among which 12.8% were classified as a De Novo product and the remaining devices fell under the 510(K) FDA category.???
A Comprehensive Evaluation of the Competitive Landscape?
The healthcare market is highly competitive due to a significant number of players operating in the domestic and international markets. Due to the increase in the applications of AI across various healthcare, significant players in the market adopt strategies, such as product innovation and mergers & acquisitions.? Major players in the market include AiCure, OM1, Google Cloud, IBM Watson Health, and Atomwise Inc.
The Future of AI in Healthcare
According to the Mordor Intelligence report, artificial intelligence in healthcare market is expected to register a CAGR of 42.2% by 2028. As AI capabilities expand, it’s only natural to wonder about the future of AI in healthcare. There exists a wide array of potential uses for artificial intelligence in healthcare. This encompasses areas such as diagnostics treatment planning, patient care, and safety. Additionally, AI has the potential to create personalized treatment options based on an individual’s unique physiology.
With the introduction of innovative and new-generation AI tools, the healthcare industry is touted to advance by leaps and bounds, increased self-awareness, early detection, accurate diagnosis, affordable health services, and much more! AI can bring an era of exceedingly high clinical quality with extraordinary breakthroughs in the care of patients.